Do not count Adam Newman.
The abusive former WeWork CEO may have lost his empire, but an insider told The Post that 41-year-old Newman is already plotting his mysterious next business move.
“This includes what has caused the epidemic in the world,” the insider said. “He got big plans and he is waiting for the right time to announce them.”
Newman reportedly has not seen the buzzy new Hulu documentary “Webwork: Or the Making and Breaking of a $ 47 Billion Unicorn” detailing his stunning rise and fall as CEO of a one-time hot office space startup is.
also read: Adam Newman’s role in SoftBank deal to make WeWork public
The entrepreneur is portrayed as a charismatic but misleading Charlton, who gave billions to WeWork – from Chase Bank’s Jamie Dimon to SoftBank CEO Masayoshi Son – before it opened in August. May 2019 go terribly wrong.
A close friend reported that friends and family members have “described” the film for her, but have not seen or read about the thunderbolt-affected punchline.
Instead, he is working on a “brand-new-venture” venture at Greenwich Village Home with his wife, Rebekah, and five children.
Newman has not spoken publicly since leaving the company in September 2019, as his communal office space company filed documents for an IPO, which had an eye-popping valuation of $ 47 billion. But the following month, the valuation dropped by more than half and the IPO failed amid revelations that the company was losing money and its growth projections rose wildly. Adding to it: Newman’s report of rock ‘n’ roll excesses, including wild spending and marijuana, boarding a private jet, and financial irregularities.
According to the Wall Street Journal, Newman was paid $ 1.7 billion In exchange for severing most of its relationship with WeWork.
He is widely mocked for his proclamations wanting to live forever and referring to WeWork – essentially an office space sub-leasing business – as “will elevate the consciousness of the world.”
After losing the business, the family and their nunnies gave to Israel to lay low for several months. In a move to “simplify” life, the source said, Neumans has sold at least three properties in his estimated $ 90 million portfolio, including one of his homes in Hampton, another in Westchester, Lux Grammeski Huh. Park’s campus.
But three people who know Newman, who grew up on a dove in Israel, told The Post that he is not licking his wounds or hiding his head in shame – despite being Fell from Forbes list of billionaires Their total assets increased from $ 14 billion to $ 750 million in 2020.
“He said he thinks he made mistakes, but he also feels that the media created a sensation from some elements of the story,” a source familiar with the situation told The Post.
“The valuation of $ 47 billion was probably a mistake. But WeWork is still a good company and has built it … it has got hundreds of locations. I do not know many people who can build such a company in 10 years. “
He has also received support from some unlikely people.
A WeWork rival, CEO and co-founder, on Indieous, who has recently written on LinkedIn.
Hodari told The Post that he felt Newman’s problematic reputation completely wiped out WeWork badly.
Hodari said Adam, while isolating himself professionally, did not ignore the fact that the man had formed a $ 9 billion company. “Very few people have done this and in such a short period of time.”
Mick McConnell, a former senior vice president at WeWork, who is no longer in contact with Newman, said The Post said he felt Newman had passed away.
“Adam assembled a team of people whose likes have never been seen before,” said McConnell, who wrote a book about McDonnell. “We used the space – something that had never been done before – and in this way the architecture and development would be transformed. Co-working will become even more relevant as people start working outside the office as well. “
Neumann launched WeWork in 2010 with co-founder Miguel McKelvey, who is mentioned in the documentary, and his wife Rebecca, a cousin of Gwyneth Paltrow.
A former aspiring actress and yoga instructor, 42-year-old Rebecca is portrayed as a toxic, New Age Lady Macbeth, both in the documentary and in her husband’s recent biography.Billion dollar loss, By Reeves Wiedeman.
According to Wiedeman, Rebekah’s fingerprints were a key element of the company’s near-implication in August 2019 when WeWork filed its S-1 form in advance of a planned IPO.
Neumanns document that seemed unconnected, code-named “Wingspan,” It turns out that we work out a loss of $ 1.6 billion – which frightened investors. Instead, Rebekah Newman, titled Chief Brand and Influence Officer, hired a Vanity Fair photographer to take photographs of celebrities and influences such as Ana Farris, Amy Geet, Ron Howard and Ariana Huffington at Weinark Spaces and Included in the filing.
An insider who knows the couple said that some people expected Neumann to have dumped Rebekah after being embarrassingly fired from the company.
“No way,” the source said. “Adam and Rebekah are devoted to each other and are devoted to those children. There cannot be a bigger contrast to how Adam is portrayed in public and what family man he is with. “
Rebekah, who started a “conscious entrepreneurial school” for children within a webwork called “Vegro”, is reportedly hoping to rebrand and resume it as a new venture “Student for life” Or pronounceing SOLFL (“soulful”), now WeWork has sold back the Vegro rights.
Meanwhile, Neumann – who has not had therapy or any type of rehab, said a colleague – has invested in several startups, including a tech-enabled mortgage service, a residential concierge service called Alfred, and some Israeli companies.
He came out of hiding in November to facilitate a deal between SoftBank, the head of a special-purpose acquisition company and now majority owner of WeWork, which set the stage for his former company’s upcoming $ 9 billion IPO.
Softbank originally granted bail to Wework after his first disastrous attempt to go public.
“[Adam’s] Still a positive, happy man, ”a colleague told the Post. “He feels humble, yes, but he is here to stay.”
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